Court approves release of IPI auction commissions

Clear Management will receive US$48,904.60 in sales commissions.

Northern Mariana Islands.- Clear Management has received approval from the U.S. District Court for the NMI for its request for the release of commissions from the fifth auction of Imperial Pacific International (IPI) property. The auction, which concluded in July, generated US$489,046 from successful bids.

Chief judge Ramona V. Manglona issued a decision in favour of Clear Management’s motion for disbursement, allowing the release of $48,904.60 in sales commissions. As stipulated in the terms of the receivership, Clear Management, functioning as the court-appointed receiver, is entitled to a 10 per cent share of proceeds.

No objections were raised against Clear Management’s request. “IPI filed its notice of non-opposition to the motion, and no other objection has been lodged,” the court’s order read. The court cancelled a hearing scheduled for September 1.

The auctions relate to USA Fanter’s case against IPI for its failure to pay US$2.08m for construction work on the VIP wing and exterior of its hotel-casino in Garapan. A limited receivership was established by Clear Management after USA Fanter Corp. sued IPI for breach of contract. As a result, the court issued a final judgment in favour of USA Fanter and the companies finally settled their dispute last month.